Gold Prices Slip Under Inflation Fears as MCX Futures Trend Below ₹1,50,000
Global Spot Rates and Commodity Trends
Gold prices experienced a dip in early trading on June 11, amidst continued global concerns regarding the war in Iran. The instability related to the conflict has kept oil prices elevated, influencing commodity movements across international markets.The international spot gold traded 0.99 percent lower, settling at $4,092.50 per ounce. Meanwhile, silver saw a decline of 1.82 percent over the last 24 hours in early Comex trade, trading at $63.56 per ounce.
Domestic Bullion Market Performance on MCX
In domestic futures markets, the movement for gold and silver showed cautious sentiment. The August contract for gold futures on MCX closed its Wednesday session 0.05 percent lower at Rs 1,47,946 per 10 grams.Silver futures for the July contract finished 0.34 percent down, registering a price of Rs 2,36,300 per kilogram. The domestic MCX spot price closed the session slightly lower at Rs 1,46,695 per 10 grams.
Analyst View on Gold Price Consolidation and Pressure
The commodities market remained cautious as traders continued to book profits in anticipation of key US inflation data releases. Concerns persisted that elevated inflation figures could necessitate keeping interest rates higher for an extended period.Jateen Trivedi, VP Research Analyst (Commodity and Currency) at LKP Securities, observed that gold prices were under pressure during the trading session. He noted that MCX Gold slipped below the Rs 1,50,000 mark, marking a sharp decline of nearly Rs 3,500.
This trend indicates cautious sentiment prevailing across both global and domestic bullion markets as investors await crucial macroeconomic indicators from the US economy.
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